Bloomberg Media chief executive Justin Smith said the collaboration with Twitter would create the “world’s fastest and most credible modern news source”.

Plans are for it to feature a “mix of user-generated breaking news video from citizens, curated and verified by Bloomberg editors, along with live video and reporting from Bloomberg journalists around the world”, according to a statement from the two media companies.

“Combining the speed and immediacy of Twitter with the editorial rigour of Bloomberg, the network will be interactive, rich with social content and consumable on any device,” it added.

The news was announced on Monday during a live interview with Bloomberg founder (and former New York mayor) Michael Bloomberg and Twitter chief executive Jack Dorsey.

“In an era when most viewers are choosing immediacy over quality in breaking news, traditional media hasn’t kept up. With this new network, we are setting out to reinvent the digital breaking news experience.

“The powerful combination of Bloomberg’s high-quality journalism and data-backed objectivity with Twitter’s global immediacy, interactivity and reach will create the world’s fastest and most credible modern news source.”

Anthony Noto, Twitter’s chief operating officer, added: “The stage is set for innovation in news and Bloomberg is taking on that challenge.

“Twitter’s speed and vast global network of content and commentary combined with the high quality, editorial rigor of Bloomberg is a unique and powerful combination.

“Our collaboration will bring these forces together through live video and the related conversation.”